Working towards a healthier Dalhousie

Follow!

Archives for finances

More than 25% of Canadians feel as though they have difficulties keeping up with their financial commitments?

28% of Canadians surveyed said that financial problems have distracted them from being able to do their work in the past year?

11% of Canadians say that financial troubles have caused them to miss work?

When employees feel stressed and anxious about their finances, they often become less productive and engaged at the workplace. 74% of Canadian employers feel as though they are responsible in helping their employees with their financial wellness.

For more information about financial wellness, please visit this link.

Financial planner Douglas E. Wright is now offering a focused financial class for women with adult children. Wright has facilitated a number of varied financial management courses and has found that women in mid-career or later with children face unique challenges to cashflow management and saving for retirement. Aside from retirement planning, the two-hour session will cover transitioning your adult child to financial independence from financial dependence on you. There will also be an optional hour at the end for those wondering about estate planning, and strategies for those with an elderly parent.

Participants can attend online or in person. There will be wine and cheese for those in attendance.

Financial wellness isn’t how much money in a person’s bank account, or the number of years left on their mortgage. A person with high financial wellness is confident about a wide range of financial issues, including budgeting, retirement plans, investments, debts, and insurance (Manulife, 2016).

It’s quite possible for a person with high income to have low financial wellness. These high earners may not be planning for the future, they’re not working towards paying offs their debt, or they may be constantly worrying about money. Conversely, a person with low income may have high financial wellness. For instance, a young adult, just starting in the workforce and not earning a high salary, may have high financial wellness because they’ve educated themselves, they budget, and they’ve started saving for retirement (Manulife, 2016).

Benefits and Consequences to High and Low Levels of Financial Wellness

The concrete benefits of high financial wellness can be having a well-funded retirement savings plan, due to diligent budgeting and appropriate investing, and having few debts, due to paying down debts and having manageable mortgage debt. Some examples of abstract benefits are little to no stress about retirement, fewer financial worries, and more overall confidence (Manulife, 2016).

Conversely, the consequences of low financial wellness can be a poorly funded retirement savings plan, inadequate insurance, and their associated stress. Another consequence is that it can be a self-fulfilling prophecy. People who have low levels of financial wellness tend to score poorly across most categories, such as retirement planning, insurance protection, and finance-related stress in their lives (Manulife, 2016).

How Employers Can Benefit From Supporting Employees’ Financial Wellness

Employers can benefit from being able to accurately assess their employees’ level of financial wellness so that they can be effective in helping support their employees and positively impact their workplace engagement. When employees are offered, and more importantly take advantage of, the tools to become more financially stable they can become less anxious, more engaged in their work, and better workplace contributors. There can also be a ripple effect where employees pass these positive attitudes on to their colleagues (Manulife, 2016).

When tools, such as retirement saving plans, insurance products, and access to advice and education in the workplace, employees typically recognize that their employer is actively supporting them. Employers who are seen as positively contributing to their employees’ financial wellness will develop a reputation for supporting employees, which will help them retain valuable employees and gain an upper hand in the competition for top talent (Manulife, 2016).

Resources at Dalhousie

If you are interested in becoming more financially well, there are resources at the University that can help. Seminars on financial topics are organized throughout the month of April 2017. Visit http://events-tm.dal.ca to view the upcoming schedule. Don’t forget that Dal’s Employee and Family Assistance Program offers financial supports that can get you on the right track. Check out the website for more information: https://www.workhealthlife.com.

Reference:

Manulife. (2016). Employee financial wellness and its impact on Canadian businesses. Retrieved from file:///Users/malcolmscott/Downloads/financial%20unwellness%20makes%20a%20difference%20at%20work.pdf

When you’re trying to keep a budget, eating healthy can seem difficult. Unhealthy and non-nutritious foods often seem cheaper than their healthier alternatives, but there are ways to eat healthy on a budget; here are four.

Buy fresh produce when it’s in season and freeze it

Fresh fruits and vegetables are packed full of vitamins and minerals, but the cost of them can add up fast. Stick to buying what’s currently in season and consider stocking up when you find a good deal. For instance, in summer, buy three or four dozen ears of corn when it’s at its cheapest. You can cut it from the ear, or freeze it whole, and enjoy it for several months afterwards.

Look for sales and plan meals accordingly

Keep an eye out for what foods your local grocery store have on sale through their weekly circular and, if they offer a savings card, be sure to sign up. Instead of shopping for groceries based on your weekly meal plan, consider planning your meals around what’s on sale.

Try less expensive cuts of meats

If you eat meat, you can still enjoy it, even when you’re on a tight budget. Look for less expensive cuts of meat, such as chicken thighs instead of breasts. You could also try different cooking methods, like a slow cooker, to make tougher cuts of meat tender and juicy.

Repurpose leftovers

Finally, if you don’t like eating the same meal over and over, consider repurposing leftovers into an entirely new and delicious meal. For instance, if you’ve made roast beef/pork/chicken, you can make them into sandwiches for lunches.

April is Financial Health month here at Dal, and today we’re going to look at some budgeting tips. Managing finances is an important life skill, which can benefit anyone across the life span. There are two keys steps in managing your finances: developing a budget, and managing your budget.

Develop a Budget: A budget can show you how much money is coming in from jobs and how much is going out for bills and expenses. It can help you make decisions about how you spend your money on a day-to-day basis.

Determine wants vs. needs

The first step in developing a budget is to distinguish between ‘needs’ and ‘wants’. You need food to live, but going out to eat can cost a lot more than eating in. The trick is to find a balance. You need a budget that’s strict enough so you’re not overspending, but loose enough so you’re not constantly breaking it.

Money coming in vs. coming going out

The second step is to determine money in vs. money out. List all your sources of income. If you’re not sure, make as good a guess as you can. Then list all your expenses for the year. Expenses can be broken down into one-time expenses, such as trips or gifts, and monthly expenses, such as utilities, groceries, mortgage payments.

Compare your expenses and your income

If you are over budget, adjust your flexible expenses, such as spending money or groceries. If you know in advance how much you’ll be short over the entire year, you can trim by just a little bit throughout the year and maintain control over your budget.

Managing your Budget

Keep your budget up to date

Circumstances are bound to change. Use your budget to see how you can still make it work.